A debt management plan is a formal agreement between a debtor and creditor(s). Debt Management Plans help reduce outstanding, unsecured debts at a reduced level over a fixed period of time to help regain control of finances.
Debt Management Plans are individually tailored based on what can be realistically afforded on a monthly basis. To achieve an accurate figure, an income and expenditure test will establish what monies are coming into the household and what is being paid out. Income and expenditure includes everything, such as rent/mortgage, secured loans, utility bills, and essential living expenses (food & TV license etc.). Once the income and expenditure is completed, the leftover amount is your disposable income which is divided amongst creditors through a Debt Management company.
Famous quotes containing the words debt, management and/or plan:
“This is the debt I pay
Just for one riotous day,”
—Paul Laurence Dunbar (1872–1906)
“No officer should be required or permitted to take part in the management of political organizations, caucuses, conventions, or election campaigns. Their right to vote and to express their views on public questions, either orally or through the press, is not denied, provided it does not interfere with the discharge of their official duties. No assessment for political purposes on officers or subordinates should be allowed.”
—Rutherford Birchard Hayes (1822–1893)
“To choose one’s victims, to prepare one’s plan minutely, to slake an implacable vengeance, and then to go to bed ... there is nothing sweeter in the world.”
—Josef Stalin (1879–1953)